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Category > Business & Finance Posted 10 May 2017 My Price 6.00

The Law of Demand and Marginal Utility

The Law of Demand and Marginal Utility Daniel allocates his budget of $24 per week among three goods. Use the following table of marginal utilities for good A, good B, and good C to answer the questions below:

 

 

a. If the price of A is $2, the price of B is $3, and the price of C is $1, how much of each does Daniel purchase in equilibrium?

b. If the price of A rises to $4 while other prices and Daniel’s budget remain unchanged, how much of each does he purchase in equilibrium?

c. Using the information from parts (a) and (b), draw the demand curve for good A. Be sure to indicate the price and quantity demanded for each point on the curve.

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Alpha Geek
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Status NEW Posted 10 May 2017 05:05 PM My Price 6.00

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